Property Tax Scare

Friday, April 6, 2018
By Martin Myall

SPN Cristóbal MontoroThere has been a general cry of alarm after it became known that the 2018 budget included linking the catastro to real, market property prices.

This concern came about because of a clause in the Budget which suggests precisely that. However, the Minister for Hacienda has since declared that this is not the case. But, this has not dissipated the concern.

Across Spain the average increase in the property market has been 3.8%, but in places like Madrid the increase has been around 17%. So, if you have a property in Madrid and the Town Hall links to real, market prices to calculate the catastro, whereas before you were paying 600 euros in IBI, you would now be paying just over 700 euros.

Whether the Minister is telling a porky or not remains to be seen, but property owners can take some comfort from the fact that the 2018 Budget has yet to be approved in the House of Congress – as things stand, it will fail to go through because the Government does not have the support.

Stay tuned!

(News: Spain)

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